Just having fun with analog charting.. But the emotions and the structure is very similar between btc/eth and S&P in late 2015 when everyone thought the S&P 500 would collapse before it took off much higher.
A word about this massive drawdown in crypto:
Crypto has a tendency to rebound extremely rapidly. If you're down 60%+ on an altcoin position, that loss could be reversed faster than you could expect. Take NEO as an example. In the last two corrections it dropped 80% TWICE from $14 - $50 per coin before it reached an all time high of $200. I've been trading markets for 10 years - stocks, commodities, fx, and bonds. Crypto is an entirely different animal because of its velocity in price. Moreover, stocks are only trading 32.5 hours per week. Crpto trades 168 hours per week. Everything happens faster in crypto. Am I ruling out more pain in crypto? No. More pain is possible. But in my experience, its structures like these that make heads scratch a whole lot more. I am long with cash on the side if a much larger dip occurs.
Enjoy life
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S&P did not break down like ether did in the last 24 hours. More pain is ahead in crypto. Overall we could see prices trade 40 - 50% lower from here